Greenbacker Acquires Energy Storage System Portfolio From Stem

Jun 18, 2020 04:10 PM ET
  • Greenbacker Renewable Energy has actually acquired the civil liberties to a 7.9 MW/ 16.5 MWh profile of 16 operating as well as to-be-constructed power storage systems from Stem

Greenbacker Renewable Energy Company has announced that on June 9, 2020, via a wholly-owned subsidiary, it purchased the rights to Pacifica Storage LLC, a 7.9 MW/ 16.5 MWh profile of sixteen operating and to-be-constructed behind-the-meter power storage space systems from Stem, Inc., a worldwide leader in artificial intelligence (AI)- driven energy storage services.

The acquisition notes Greenbacker's preliminary critical growth into the power optimization field, improving the services it gives to power off-takers and also consumers in California and also placing the firm to boost value for its investors.

" Expanding right into power storage is a sensible following step in our acquisition strategy," claimed Charles Wheeler, CEO of Greenbacker. "Maximising power effectiveness dovetails perfectly with our core goal of driving returns for shareholders by investing in renewable energy framework since it permits us to not just reduce carbon exhausts via lasting power modern technologies but makes it possible for off-takers to handle their power costs by minimizing their requirement to draw electrical energy from the grid throughout durations of peak demand when costs are commonly greater.

" We expect producing additional worth for our investors as well as energy clients with this broadened strategy. It has actually been a satisfaction dealing with Stem, a pioneer in the market, as well as we will remain to look for chances to broaden Greenbacker's visibility in this brand-new possession course."

Each of the obtained systems will certainly take part in California's Self Generation Incentive Program, which seeks to drive progress toward a cleaner, distributed-energy future by providing discounts for mounting energy storage space innovation at both household as well as non-residential centers. The systems will serve customers across the state. The portfolio is expected to be fully functional in Q2 2021.

" We are excited to include Greenbacker as a financing companion in the fast-growing power storage market, specifically in California," stated John Carrington, CEO of Stem. "Greenbacker stands for another brand-new partner for Stem as we aim to broaden our operating collaborations and boost the release of our market-leading Athena ™ AI system which gives the knowledge and also real-time choice making called for to optimise the storage space system to reduce power fees for customers. We eagerly anticipate additional partnership opportunities with the Greenbacker group as they build out their storage portfolio."

With the purchase of Pacifica Storage, Greenbacker will certainly possess roughly 552.6 MW of creating capacity (consisting of properties that are to be built), consisting of 340.1 MW of utility-scale and also distributed solar centers, 192.6 MW of wind facilities, 12 MW of biomass facilities, and also 7.9 MW of battery storage.

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